GDP is estimated to have grown by 0.5% in October 2022, the Office for Budget Responsibility reports, following a fall of 0.6% in September 2022, which was affected by the additional bank holiday for the State Funeral of HM Queen Elizabeth II.
That’s slightly stronger than economists expected (the poll was for 0.4% growth).
The broader picture, though, is that the UK economy shrank by 0.3% in the three months to October, compared with the three months to July.
This morning’s GDP report shows that the UK’s services sector returned to growth in October.
The Office for National Statistics reports that the services sector grew by 0.6% in October 2022 and was the main driver of the growth in GDP.
The ONS says:The services sector grew by 0.6% in October 2022, after falling by 0.8% in September 2022; the largest contribution to the growth came from wholesale and retail trade; repair of motor vehicles and motorcycles, which rose by 1.9% in the month.
But the production sector was flat, although manufacturing did grow, while construction output increased by 0.8%.
The ONS explains:Manufacturing was the only sub-sector to grow, rising by 0.7% in the month. The main drivers were the manufacture of basic pharmaceutical products and pharmaceutical preparations (up 8.4%) and manufacture of transport equipment (up 2.3%).
The agenda
• 7am GMT: UK GDP report for October
• 7am GMT: UK trade report for October
• 1pm GMT: Economic thinktank NIESR releases monthly UK GDP tracker for November
• 3.15pm GMT: UK Treasury committee holds hearing with senior officials on work of the Treasury
We’ll be tracking all the main events throughout the day ... |
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